(MENAFN - GetNews) Global Intelligent Process Automation (IPA) Market is expected to grow at a CAGR of ~40%, reaching ~8 Billion by the end of 2023. Market Insights:

The global intelligent process automation market is a nascent market which is poised to grow at an astounding CAGR of 40% during the review period ranging between 2018 and 2023. Market Research Future has determined this among other information vital to the market's growth.

MRFR's calculations in this regard, suggest an overall market value of USD 8 Bn by the end of 2023. Intelligent process automation uses various next-generation technologies such as artificial intelligence, cognitive automation, machine learning, and computer vision among others to produce automation competencies to offer competitive advantages in the upliftment of business value.

Intelligent Process Automation (IPA) Market includes five key technologies to produce smart workflow. These process management software tools are vital in incorporating tasks performed by employees and machines which are streamlined. Repetitive tasks, in particular, are ideal for IPA processes as they help provide operational efficiency which is invaluable in business enterprises. Moreover, intelligent process automation can be tracked from end-to-end in real time making it easy to follow and ensure the process it working optimally. The various technologies employed in IPA play important roles, for instance, machine learning provides advanced analytic capabilities which identify patterns in structured data. Cognitive automation is another process which combines machine learning with natural language generation to create virtual workforces which are more than capable of executing certain tasks. The growing demand for operational efficiency in businesses as well as the increasing need for focussing on core business activities has greatly impacted the adoption of intelligent process automation.

Development and growth of connected devices have been a significant boost to the market. However, there is a lack of technical expertise with regards to the implementation of IPA software which works as a constraint to market growth. Notably, the growing awareness of intelligent process automation, high demand for the same and increased development in the field is likely to mitigate the above-mentioned challenges and provide the global market with new directions for growth in the coming years.

The global intelligent process automation market has several components which are vital to the market and impact its growth. These have been segmented on the basis of data type, deployment, solution, service, organization size, vertical, and region. Data types have been segmented to include unstructured, and structured.

Deployment of intelligent process automation has been segmented into on-premise and on-cloud deployment.

Among all the regions covered in the report, the North American market has been observed to be at the forefront of market growth with the largest share of the intelligent process automation market. The region includes developed economies, and the U.S leads the market due to the increased adoption of analytics in various end-use sectors in the region. Manufacturing, in particular, has been a sector with high adoption of intelligent process automation.

The presence of several industry giants in the region and their ongoing development of offering is also a key factor of growth. Notably, the Asia Pacific market is growing at the highest rate due to the presence of emerging economies where there is an increasing adoption of robotics and automated process. Countries such as Taiwan, India, and China are slated to impact the market at the highest rate.

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